PURPOSE OF THE ROLE
Underwrite medical, financial, residential, travel, occupational and/ or avocational risks in accordance with the underwriting philosophy and guidelines.
Maintain high level of accuracy in underwriting decisions and transactions processed daily.
To deliver consistent and delightful one-stop customer experiences across case underwriting, NB operations and underwriting enquiries in accordance with the company’s service standards and quality objectives.
Lead a team of underwriters and is involved in training and mentoring underwriters in the team to develop a high performance.
Lead a team of underwriters and is involved in countersigning cases which exceed team member’s underwriting authority.
Ensure team members are in compliance with regulatory and risk management controls, corporate policies, procedures and underwriting guidelines.
Conduct underwriting audits in order to review underwriting authority, identify gaps for improvements and ensure compliance of the proper use of the guidelines, the acceptance criteria and practices, any informal exception procedures and the overall underwriting philosophy.
Have knowledge and support developments of the automated underwriting rules engine which sets guidelines in the rules engine to achieve consistency with manual underwriting guidelines.
Engage reinsurers in discussions and/ or negotiation in reviewing underwriting guidelines.
Conduct underwriting training for different channels on ad hoc basis.
Perform risk assessment for cases referred by Policy Servicing and Claims. These include non-disclosure, post-claims underwriting, reinstatement, review of substandard terms and additional of riders.
Identify areas of improvement in order to achieve defined levels of improvement in efficiency and productivity.
To support product launches by working with Product, Actuarial and reinsurers.
Responsible for promoting an environment where risk management culture can flourish.
Assist to manage the Individual Life underwriting team.
Handle appeals, enquiries and complaints pertaining to underwriting.
Effective Risk Management/Governance
Ensure key risks have been understood, identified, measured, monitored and reported.
Direct Reports / Team Size
A team of life underwriters.
RELATIONSHIPS (INTERNAL & EXTERNAL)
Public, policyholders and advisers.
CPF Board, MAS, MOH, LIA, PDPC, FIDREC, external auditors, banks and vendors.
IT, Change Management, Customer Service, Finance, Actuarial, Distributions, Product Management, Legal, Compliance, Risk Management, internal auditors
(This should include any mandatory MAS qualifications.)
ALU, FLMI, CLU
CLI, ILP,FNA,HI or M5, M8, M9,HI
Good medical and financial knowledge.
Good leadership skills.
Highly analytical mind for complex decision making and problem solving.
Good negotiation skills when handling FAs and BDMs.
Excellent product knowledge of underwriting assessment in the relevant products sold by the company.
Good customer service and complaint handling skills.
Good understanding of the principles for all types of individual life, health (traditional life, investment linked, private medical, global health, integrated shield) products.
Good understanding of the regulatory aspects of life, health and investment linked insurance industry (MAS,LIA,CPF Board, MOH, MOM)
Good verbal and written communication skills.
Good process design and improvement skills.